Insight

07.03.18  Selling Advice

 

Eastern Suburbs Property: Where Are The Buyers Coming From?

When it comes to getting the best price for your house, it always pays to have a picture of your likely buyer.

Let's take a look behind the data to find out who’s buying what in Sydney’s eastern suburbs right now.

Eastern suburbs buyers tend to stay local

Our experience is that most eastern suburbs buyers are from the eastern suburbs. This is reflected in the data too. According to data for listings we've recently advertised on Domain.com.au, every property that we’ve shown recently has had more enquiries from people in the eastern suburbs than from people living elsewhere in Sydney. Sometimes, the number of enquiries from locals runs at 80%.

We find that certain properties - particularly entry-level homes, or those typical of the area - usually attract a higher than usual number of local buyers. That’s often because these are targeted by first or second home buyers looking to make the step up while staying reasonably close to where they already live.

Some properties attract interest from further afield

When buyers do come from further afield, often it’s for those properties that really stand out - often for being a bit different to what you might expect. Take for example 27 Caledonia Street Paddington, which we sold before auction to a buyer relocating from the North Shore, which attracted close to 50% of its enquiries from non-locals.

A freestanding four bedroom home, 27 Caledonia Street sits on 321 square metres of land: a reasonably rare find in Paddington. For that reason, there was also a lot of interest from buyers already located very close to the city, from areas such as Ultimo, Pyrmont, North Sydney and Milsons Point. Usually, these potential buyers were interested in finding a bit more space than they already had, without giving up anything when it came to proximity to amenities.

Where the out of area buyers come from

Different properties tend to attract different out-of-area buyers, so there’s no hard and fast rule about who will cross Sydney, or even the world, to visit your home when you list it.

For instance, while 346 Moore Park Road, Paddington - a grand Italianate terrace - attracted a high number of enquiries from buyers from the inner-west and lower north shore.

Meanwhile, 18 Stephen Street, Randwick - a three bedroom terrace - drew enquiries from just about every part of Sydney, including the North Shore, inner-west, Hills District and Canterbury area.

As a general rule, however, you can expect family homes to appeal particularly to upsizers starved of similar stock in places such as the inner-west. For this reason, 40 Heeley Street, Paddington attracted huge interest from buyers in the high-density ring that stretches from Erskineville and Newtown through to Rozelle.

At the same time, those offering single-level or low maintenance living will be particularly sought after by downsizers coming from the North Shore to the East.

And the in-area buyers…

Logic might say that in-area buyers will come from very close to home - as in the same suburb. But, again, that’s not what we always find and it’s not what the data shows either. For instance, 4/73 Birriga Road, Bellevue Hill has been attracting enormous attention from buyers in neighbouring suburbs Bondi, Bondi Beach and Vaucluse and as well as those in Surry Hills. There has been little interest from Bellevue Hill buyers.

On the other hand, 253 Underwood Street, Paddington - a more modern four bedroom home - was bought by someone from very close to home: a neighbour of the vendors. Almost four-fifths of enquiries on the property came from locals, many of whom lived in the same postcode.

What this means for you

Put simply, the data shows that different properties tend to appeal to different demographics. A good real estate agent should know who your property is likely to attract and will then market it to them in the best possible light.

*Please note, for all properties mentioned in this article, we have discounted data where a buyer has listed their postcode simply as ‘2000’.

Download our 2018/2019
Eastern Suburbs Market Report

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